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Make my payment half?

Sorry, i cant remember what its called. But i heard that if you owe a lot of money, some places are willing to let you pay half right then and there and then not owe the rest of the debt..

for example: you owe $5000... you call the place and they accept $3000 as long as you pay the entire price and forgive the last $2000.

My debt is to Chase bank, and its only $300 (credit card).... doesnt sound like much, but when you literally have no money, its a lot to pay $10/month, then get charged with a fee the next month, adding $12 to your CC!

My BIL works for a debt collection agency and that's something they do once your bill is there. I don't think you'd want it to go that far though because it will mess up your credit and they'll cancel your card.

Yes, they do that, but it is more like when you are behind on your payment and you have debt collectors calling all day. I use to be one of them! Thank goodness that i can now work in the comfort of my own home and make twice as much as I ever did there! My suggestion for you would be to 1, try working from home or 2 start picking up can's and bottles and cashing them in to make that your source of payment. There are jobs out there or sites that you can work all day to make a few bucks in a week or two (personally I got sick of doing that)

Yes... just did this with one of my credit cards this morning... they have to be desperate for it to work. I wasnt able to pay for several months because my husband was out of work. well they sent me an offer and I called and made an offer with what I had and it worked out. BUT any money that you dont pay due to settlement you have to claim on your taxes as income.... yup they get ya coming and going :) so if it's a small bill it wont be that bad but a big bill could hurt you in the long run. just make sure your ready for it.

i did it. my dental was 6,000 and i was behind on paymenst went into collections anyways i have an agreement with the collections that i pay 90% off and they will forgive 1,000. so after many yrs of maken 220.00 a month payments and struggling to do it..come july i should be done with payments..i only owe 1500. but my credit did take a whack.

It's called a settlement. Sometimes it works, sometimes it doesn't. You'll want to have the cash up front to pay them, it will negatively affect your credit score- you do want to get it in writing, and you'll want to pay them with a cashiers check- no electronic access to your checking account.

They won't always agree to it- but you can ask. And it's not always 50% they might require you to pay 60% and then they'll forgive 40%. Also you will have to pay taxes on the forgiven amount since it is considered income. Anyway this is starting to sound like information overload. Hopefully it answers all your questions though.